Bank of England poised to raise interest rates

Markets suggest a 91% chance of rates returning to levels unseen since March 2009

The Bank of England is poised to raise interest rates above the level set since the aftermath of the financial crisis for the first time, despite a weakening outlook for the British economy and growing risks from Brexit.

Economists widely expect the Bank’s monetary policy committee (MPC) to lift the cost of borrowing above 0.5% on Thursday to reach 0.75%. Financial markets suggest a 91% chance of rates returning to levels unseen since March 2009, when Britain was in the grip of recession.